Bilateral Trade Between India and Russia to Reach $100 Billion, Putin Says

Bilateral Trade Between India and Russia to Reach $100 Billion, Putin Says

Russian President Vladimir Putin’s official visit to India has had a huge impact not only on defence, but on trade ties as well between the two longtime friends.

After holding talks with Prime Minister Narendra Modi today, Putin announced both nations are looking at increasing annual bilateral trade volume to $100 billion.

While it is a challenging target, it is not something that’s beyond reach, analysts have said. India is already a valued customer of Russian crude, much to the annoyance of the US.

To reach this target, the two nations are likely to explore working together on key strategies, particularly aimed at increasing Indian exports and addressing any trade deficit.

Another strategy would be to align India’s competitive sectors with Russia’s import needs. The primary approach to increasing Indian exports involves targeting sectors where Russia has substantial unmet demand and India possesses global competitiveness.

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Earlier today, thanking PM Modi for the warm and cordial welcome given to the visiting delegation, Putin said he has established a “close working and personal contact” with PM Modi and together they “constantly monitor” the development of Russian-Indian cooperation in all its strategic areas.

“The talks we just concluded with our Indian colleagues, as well as our conversation last night with Mr Modi in a one-on-one format at his home over dinner – I want to thank you again for this sign of attention – these talks were very useful, and took place in a constructive and friendly atmosphere, in the spirit of the especially privileged partnership between Russia and India,” the Russian President said after holding talks with PM Modi at the Hyderabad House during the 23rd India-Russia Annual Summit. NDTV